Lynchburg-based parent company Bank of the James reported second-quarter profit on Friday that more than doubled year over year.
Bank of the James Financial Group (NASDAQ: BOTJ) reported quarterly net income of $ 2.01 million, or 42 cents per share, up 145% from $ 821,000, or 17 cents per share, as of during the same quarter of last year.
Bank executives said that, among other factors, revenue was boosted by strong non-interest income, mostly related to mortgages, as well as about $ 400,000 in loan processing fees under the government’s paycheck protection program, which offers potentially repayable loans to businesses that keep their employees on their wages.
In a press release, Bank of the James executives warned as the delta variant of COVID-19 continues to spread and economic uncertainties remain.
“We are encouraged by the signs of economic and health recovery in our communities,” said Bank President and CEO Bob Chapman. “Our ongoing assessments indicate that our customers and communities have essentially weathered the worst pandemic conditions and are well positioned to move forward. However, we believe there are still many risks and uncertainties on the fronts. sanitary and economic. We are continuing our diligent credit monitoring and remain in close contact with customers. “
At the end of the second quarter, assets totaled $ 908.4 million, compared to $ 851.4 million at the end of 2020. Deposits stood at $ 819.4 million, compared to $ 765 million at the end of 2020. end of 2020. Net lending amounted to $ 595.1 million, compared to $ 601.9 million at the end of last year.